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Key Economic Trends

  • In 2008, the U.S. trade deficit with Mexico decreased by 7 percent as the growth of U.S. exports outpaced the growth of U.S. imports. The reduction of the U.S. trade deficit with Mexico was once the second since 1994 when NAFTA was implemented and the first since 1997. A large share of U.S. bilateral trade with Mexico is accounted for by intrafirm transfers and other foreign direct investment and foreign-based manufacturing activity.
  • In 2008, Mexico was the second-largest U.S. export market. U.S. exports to Mexico rose by $12.1 billion (10 percent) to $131.5 billion, driven in part by a Mexican economy that expanded by 1 percent. The largest export increases were in energy-related products, agricultural products, and minerals and metals. The increase in value of these exports is attributable, in large part, to an increase in commodity prices.
  • In 2008, the largest U.S. import increases from Mexico were in energy-related products, minerals and metals, agricultural products, and chemicals and related products. U.S. imports from Mexico increased by approximately 3 percent, due principally to global price increases for crude petroleum.

Trade Shifts in 2008 from 2007

  • U.S. trade deficit: Decreased by $6.0 billion (7 percent) to $84.8 billion
  • U.S. exports: Increased by $12.1 billion (10 percent) to $131.5 billion
  • U.S. imports: Increased by $6.2 billion (3 percent) to $216.3 billion

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